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BREAKING: CBN reduces transfer, ATM withdrawal charges

The Central Bank of Nigeria (CBN) has released its downward review of charges placed on Nigerians for the maintenance of Automated Teller Machines (ATM) cards and the fees for electronic financial transactions.

According to the changes made by the CBN, bank customers will henceforth pay N10 for each electronic transfer below N5,000, and N25 for electronic transfer between N5,000 and N50,000.

The new rule states that electronic transfer above N50,000 will be at the cost of N50, Vanguard reports.

The review of the fees is contained in the apex bank’s lastest guide to charges which also reduced the charges for withdrawals through other bank’s ATMs from N65 to “maximum of N35 after the third withdrawal within the same month.”

Added to this, CBN has removed the Card Maintenance Fee (CAMF) on all cards linked to current accounts, with a maximum of N1 per mille for customer induced debit transactions to third parties and transfers to the customers’ account in another bank on current accounts.

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